A major overhaul of America’s anti-money-laundering laws is another step closer. After the United States House of Representatives passed a bill that would force middlemen like trust companies and lawyers to more closely scrutinise the source of anti-money-laundering and assets flowing into the country’s financial system. [Read more]
Harmony, a crypto firm in the United States, said on Friday it was robbed of approximately $100 million in digital coins, the latest in a string of cyber heists, Reuters reported. [Read more]
The United States economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported on Thursday, in a slight downgrade of its previous estimate for the January-March quarter. [Read more]
LOUISVILLE, Ky. – Bowling Green real estate attorney H. Harris Pepper, Jr. entered a guilty plea to money laundering, announced United States Attorney Russell Coleman. [Read more]
In the aftermath of September 11, 2001, the Attorney General directed every United States Attorney to commit all available resources and manpower to our national Anti-Terrorism mission . That directive included the establishment of Anti-Terrorism Advisory Councils (ATACs) led by United States Attorneys. [Read more]
LOUISVILLE, Ky. – United States District Court Judge Claria Horn Boom today sentenced Dante Watts, 49, of Louisville, Kentucky, to 34 years in federal prison. These followed by a life term of Supervised Release for conspiracy to distribute controlled substances and money laundering, announced Acting United States Attorney Michael A. Bennett. On December 20, 2019, a federal jury convicted and returned guilty verdicts following almost two weeks of testimony. There is no parole in the federal system. [Read more]
Ever since the Silk Road, Bitcoin’s power to fuel anonymous transactions (and, more specifically, money laundering) has been a prime concern for lawmakers and law enforcement agencies. A new provision passed as part of the infrastructure package tried to tackle that issue, but it’s running into stiff opposition from cryptocurrency groups — and a legal challenge that could have huge implications for financial transparency across the country. [Read more]
The Civil Liberties and Economic Affairs committees discussed this afternoon a plan to establish an EU Authority for fighting money-laundering and terrorist financing. [Read more]
The U.S. Department of the Treasury , on May 13, 2022, published its 2022 National Illicit Finance Strategy (the 2022 Strategy)—a comprehensive statement of the agency’s key priorities, goals, and plans for safeguarding the U.S. financial system against illicit activity in order to “strengthen national security and prosperity.” The 2022 Strategy breaks little new substantive ground, addressing risks, concerns, and objectives Treasury has previously identified, including those in the March 2022 Anti-Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments, as well as in recent statements by senior policymakers. Nevertheless, it provides a useful compendium for the financial industry and summary of the regulatory landscape in the near term. [Read more]
On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on grounds that it was operating as an unlicensed small loan company. Moreover, the FinTech company was cited for operating as an unlicensed consumer collection agency, and for engaging in deceptive acts or practices under consumer protection laws. [Read more]
